By the first quarter of 2026, Intesa Sanpaolo increased its cryptocurrency holdings to $235 million, adding positions in Ethereum and XRP through regulated ETFs and trust structures.
Latest data shows that Intesa Sanpaolo, Italy’s banking giant, has seen its cryptocurrency portfolio surge from approximately $100 million at the end of 2025 to about $235 million as of March 31, 2026.
This move is seen as a significant indicator of a shift in attitude by European banks toward the cryptocurrency sector, following years of caution and regulatory pressure. Banco Santander is not holding tokens directly but is expanding its offerings through regulated ETFs and trust structures, providing institutional-grade market access.
The most notable development in the bank’s strategy is its first major foray into Ethereum. Banco Santander has purchased over 3.1 million shares of the BlackRock iShares Staked ETH Trust—a product that allows investors to gain exposure to this leading cryptocurrency while also participating in Ethereum network staking.
This indicates that the bank views Ethereum not merely as a speculative asset, but as a productive infrastructure capable of generating continuous returns through its native staking mechanism.
Meanwhile, Intesa Sanpaolo has established a new XRP position through its Grayscale XRP Trust fund. The bank holds over 712,000 shares of the fund, with an initial position worth approximately $18 million, now valued at around $26 million following XRP’s price increase over the past few weeks.
Bitcoin remains a core institutional holding.
Although the portfolio has been diversified to include Ethereum and Ripple, Bitcoin remains the cornerstone of Intesa Sanpaolo's cryptocurrency investments. The bank has significantly increased its holdings in spot Bitcoin ETF products, including BlackRock’s IBIT and the ARK 21Shares Bitcoin ETF.
Intesa Sanpaolo has added Bitcoin call options to its investment portfolio for the first time. This move indicates a more sophisticated trading strategy, incorporating both hedging and direct bets on future price increases.
Although Bitcoin and Ethereum continue to gain weight in the portfolio, Solana appears to be losing its position in the bank’s strategy. Intesa Bank has nearly liquidated its holdings in the Bitwise Solana Staking ETF, reducing its position from over 266,000 shares to just 2,817 shares.
This reallocation of capital indicates that institutional investors are increasingly favoring more liquid and better-regulated crypto assets, such as Bitcoin and Ethereum, over higher-risk altcoins.
Cryptocurrency trading as an internal strategy
Intesa Sanpaolo has clarified that its cryptocurrency investments are unrelated to products offered to retail investors. These positions are held solely for direct market profit.
This positive expansion initiative comes amid the group's record-breaking financial performance. In the first quarter, Unicredit reported its highest profit in history, reaching €2.8 billion.
Adequate liquidity enables banks to take on greater risks in emerging assets such as cryptocurrencies without compromising their core balance sheets.
Meanwhile, Banco Santander is accelerating its digital transformation. The bank has invested over €5.7 billion in technology infrastructure between 2022 and 2026, and its digital platform, Isybank, currently has over 1.1 million users.
These developments indicate that cryptocurrency investment is no longer a peripheral area for European banks; it is becoming a core component of broader digitalization and revenue diversification strategies.